Jim Mellon has become a director of shell company Kuala Ltd, which is changing its investment strategy to concentrate on technology and life sciences IP.
The share price rose 0.63p to 8.25p. Mellon owns 14.7% of Kuala, which was previously known as China Growth Opportunities Ltd, through Galloway Ltd, which has also been paid a £65,000 fee for consultancy – paid in shares.
There was £237,000 in the bank at the end of March 2015.
The geographic focus is North America and Europe. The company is changing its name to Kuala Innovations Ltd, has until 13 November 2015 to secure an acquisition.
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